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Bob Carey
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  US Stock Markets Ended September 28, 2018
Posted Under: Weekly Market Commentary


Stocks closed out the third quarter on a high not as the S&P 500 returned 7.7% during the period. Retail investors put their cash to work as balances at brokerages reached record lows. This coincides with the longest bull market on record. Big banks view the extended run-up in US equites as a sign for investors to exercise caution. Earlier this month, Morgan Stanley sent a note to clients outlining the firm's stance on peaking earnings growth. JP Morgan also informed its clients about the potential for the "America First" trade to stimulate growth could cause the domestic economy to lose its edge. Opposing views by individuals and institutions are not uncommon during periods of prolonged growth. As cash balances become lower in brokerage accounts, the bull markets should continue to see short term momentum. News out of Washington DC was at the forefront of the news cycle last week. The confirmation of Supreme Court nominee Brett Kavanaugh will be delayed due to an FBI investigation requested by Senate Republicans and ordered by President Donald Trump. The investigation, and possible disruption to the confirmation, will set the tone for the November mid-term elections which have historically produced a "bump" to stocks in the final quarter. A presentation by Abbot Laboratories showed its MitraClip device shortened the length of hospital stays and led to longer lives for heart failure patients. The $1.9 billion-dollar aortic market has competition from Edwards Lifesciences, a top performer in the S&P 500 last week. On the schedule for next week, economic reports for consumer sentiment, employment, and durable goods will shape the fourth quarter outlook. 

Posted on Monday, October 1, 2018 @ 8:44 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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